In Merf's April 30, 20X1, balance sheet, a note receivable was reported as a noncurrent asset and the related accrued interest for eight months was reported as a current asset. Which of the following descriptions would fit Merf's receivable classification?

a. Both principal and interest amounts are due on August 31, 20X1, and August 31, 20X2.

b. Principal is due August 31, 20X2, and interest is due August 31, 20X1, and August 31, 20X2.

c. Principal and interest are due December 31, 20X1.

d. Both principal and interest amounts are due on December 31, 20X1, and December 31, 20X2.

Mill Co.'s trial balance included the following account balances at December 31, 20X1:

Accounts payable$15,000 Dividends payable 1/31/X28,000

Bond payable, due 20X222,000 Notes payable, due 20X320,000

What amount should be included in the current liability section of Mill's December 31, 20X1, balance sheet?

a. $45,000c.$65,000

b. $51,000d.$78,000

Which of the following would be disclosed in the summary of significant accounting policies disclosure note?

Composition of Plant Assets

Inventory Pricing

a.

No

Yes

b.

Yes

No

c.

Yes

Yes

d.

No

No

4. How are management's responsibility and the auditor's report represented in the standard auditor's report?

Management's Responsibility

Auditor's Responsibility

a.

Implicitly

Explicitly

b.

Implicitly

Implicitly

c.

Explicitly

Explicitly

d.

Explicitly

Implicitly

At December 30, Vida Co. had cash of $200,000, a current ratio of 1.5:1, and a quick ratio of .5:1. On December 31, all the cash was used to reduce accounts payable. How did this cash payment affect the ratios?

Current Ratio

Quick Ratio

a.

Increased

No effect

b.

Increased

Decreased

c.

Decreased

Increased

d.

Decreased

No effect

6. Zenk Co. wrote off obsolete inventory of $100,000 during 20X1. What was the effect of this write-off on Zenk's ratio analysis?

a. Decrease in the current ratio but not the quick ratio.

b. Decrease in the quick ratio but not in the current ratio.

c. Increase in the current ratio but not in the quick ratio.

d. Increase in the quick ratio but not in the current ratio.

D ,_._ 1|."ui'hen we make inferences about ONE POPULATION PROPORTION, what assumptions do we need to make? Mark all that apply. a. Counts of successes and failures at least 15 each. o. The olata must have a Normal Distribution. C. Data is quantitative. d. Counts of successes and failures at least 5 each. e. Data is categorical. f. Sample Size is 3G or more. g. Data must be from a simple random sample. Player LeBron Kobe Steph Michael Others James Bryant Curry Jordan NBA 20% 30% 15% 19% 16% Percentages Observed 23 28 10 15 11 Counts Michael wants to carry out a statistical inference procedure for this scenario using the X"-distribution. Which of the following conditions must be met? (Select all that apply.) There must be at least 10 successes and 10 failures for each level of the categorical variable. There must be an expected count of at least 5 for each level of the categorical variable. The sample size must be at least 30 or the population data must be normally distributed. The difference in all calculated proportions must be at least 5. The observations must be independent. There must be at least 3 levels of the categorical variable.3. A Bloomberg Businessweek North American subscriber study collected data from a sample of 2861 sub-scribers. Fifty- nine percent of the respondents indicated an annual income of $ 75,000 or more, and 50% reported having an American Express credit card. a. What is the population of interest in this study? b. Is annual income a categorical or quantitative variable? c. Is ownership of an American Express card a categorical or quantitative variable? d. Does this study involve cross- sectional or time series data? e. Describe any statistical inferences Bloomberg Businessweek might make on the basis of the survey